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During the U.S. House Financial Services Committee hearing on June 4, lawmakers clashed over the future of digital asset regulation—while President Donald Trump landed at the center of a growing crypto controversy.
Trump Accused of Using CLARITY Act for Personal Gain
The hearing focused on the Digital Asset Market Structure bill, also known as the CLARITY Act, which is under intense scrutiny. Representative Maxine Waters led the charge, slamming the bill for moving too fast and warning it could create dangerous loopholes for securities firms.
But the spotlight quickly shifted to Donald Trump. Waters accused the former president of having deep crypto business ties that could benefit from the CLARITY Act. She warned that Trump may attempt to “cash in” through his influence on crypto policy.
Top Trumpcoin investors, who reportedly paid $148 million to attend the dinner, added fuel to the fire by stating that the act could allow Trump to “put Americans’ money into his digital wallet.”
Trump-Linked Platform Under Investigation
Amid the escalating drama, Democrats called for an investigation into Trump’s links to World Liberty Financial, a crypto platform reportedly backed by his family. Lawmakers fear a conflict of interest as the former president allegedly attempts to influence crypto regulations for personal benefit.
Former CFTC Chair Timothy Massad didn’t hold back, labeling Trump’s crypto ventures a “taint” on the digital asset space. He warned that moving forward with regulation without investigating Trump’s connections would be irresponsible.
“I think we have to address this. I don’t see how we can move forward and try to create a framework for this industry if we don’t do that,” Massad said.
Maxine Waters Warns of National Security Risk
Waters also voiced serious national security concerns, saying the bill lacks safeguards for consumers and fails to punish crypto criminals. She emphasized that Americans affected by fraud would be left helpless under the current proposal.
What’s Next for the CLARITY Act?
While the GENIUS Act, which regulates payment stablecoins, was passed in May 2025, the CLARITY Act still hangs in the balance. According to Waters, the bill may reach a markup stage in the Hill’s Committee as early as June 10.
As crypto regulation debates heat up in Washington, the Trump-centered controversy could shape the future of the entire digital asset ecosystem.
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FAQs
The CLARITY Act is a U.S. bill aiming to regulate digital assets, but critics say it favors securities firms and lacks consumer protections.
The CLARITY Act may reach a markup stage in the House Financial Services Committee as early as June 10, indicating further debate. Sources
